Useful Information and Dates for Business Owners and Directors
Budget Rates & Allowances
| Budget Briefing - Useful Rates and Allowances 2011/2012 | ||
|---|---|---|
| 2011/2012 | 2010/2011 | |
| Income Tax (IT): | ||
| Personal Allowance* | £7,475 | £6,475 |
| Personal Allowance 65-74** | £9,940 | £9,490 |
| Personal Allowance 75+ | £10,090 | £9,640 |
| Married Couples 75+ | £7,295 | £6,965 |
| 20% Basic Rate | £0-£35,000 | £0-£37,400 |
| 40% Higher Rate | £35,001 | £37,401 |
| 50% Top Rate | £150,001 | £150,001 |
| National Insurance (NIC): | ||
| NI Lower Threshold | £139 per week | £110 per week |
| Employee Contribution | ||
| £139 to £817 per week (10/11: £110pw to £844pw) | 12.00% | 11.00% |
| £817 per week + (10/11: £844pw) | 2.00% | 1.00% |
| Employer Contribution | ||
| £139 per week + (10/11: £110pw) | 13.80% | 12.80% |
| Self-Employed Class 2 | £2.50 per week | £2.40 per week |
| Self-Employed Class 4 | 9% above £7,225 | 8% above £5,715 |
| Capital Gains Tax (CGT): | ||
| CGT Threshold | £10,600 | £10,100 |
| Capital Gains Tax Standard Rate | 18.00% | 18.00% |
| Higher Rate | 28.00% | 28.00% |
| Inheritance Tax (IHT): | ||
| IHT Threshold | £325,000 | £325,000 |
| Standard Rate | 40.00% | 40.00% |
| Corporation Tax (CT): | ||
| Small Companies Rate | 20.00% | 21.00% |
| Full Rate | 26.00% | 28.00% |
| Capital Allowances (CA): | ||
| Small Companies Annual Investment to £100k | 100.00% | 100.00% |
| Standard Rate on Plant & Machinery | 20.00% | 20.00% |
| Value Added Tax (VAT): | ||
| Registration | £73,000 | £70,000 |
| Deregistration | £71,000 | £68,000 |
| VAT Rate 20.00% (VAT Fraction 1/6) | ||
| Individual Savings Accounts (ISA): | ||
| Annual Investment Limit | £10,680 | £10,200 |
| Maximum Cash Investment | £5,340 | £5,100 |
| Approved Mileage Allowance Rates: | ||
| Up to 10,000 Miles (Per Mile) | 45p | 40p |
| Over 10,000 Miles (Per Mile) | 25p | 25p |
* Reduced by £1 for every £2 of income over £100,000 to potentially nil
** Reduced by £1 for every £2 of income over £24,000, but allowance cannot be reduced below personal allowance.
Useful Dates
As part of our commitment to all business owners and directors, it is important that they are familiar with the following dates. Late submissions for some of the below may incur fines from HMRC.
| 31st January 2012 | - Self Assessment Tax Returns to be submitted |
| - 1st payment due on account for self assessments | |
| - Any outstanding balances due on self assessments | |
| 31st March 2012 |
- HM Revenue and Customs Financial Year End |
| 5th April 2012 |
- HM Revenue and Customs Tax Year End |
| 19th May 2012 | - P35/P14 (Payroll Year End) to be submitted |
| 31st May 2012 | - P60s to be distributed to employees |
| 6th July 2012 | - Form P11D (Directors & Employees Benefits) to be submitted |
| 19th July 2012 | - Class 1a National Insurance due |
| 31st July 2012 | - 2nd payment due on account for self assessments |
Corporation Tax - Due 9 months following company year end.
Company Accounts - Due to be filed at Companies House within 10 months of company year end.
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